This webpage provides information for workers and employers about the evolving coronavirus outbreak first identified in Wuhan City, Hubei Province, China. The information includes links to interim guidance and other resources for preventing exposures to, and infection with, COVID-19.

The City of Chicago’s Personal Protective Equipment (PPE) Market, powered by Rheaply, provides small businesses, community-based organizations, and not-for-profits a streamlined way to secure affordable supplies from verified sources.

Loans & Grants

The City of Chicago is launching the new Small Business Resiliency Loan Fund as of March 19, 2020. The new fund will provide more than $100 million in low-interest loans to severely impacted small businesses over the coming months, targeting historically under-resourced communities with an emphasis on minimizing hardship for those businesses and their employees.

The Small Business Administration is the only cabinet-level federal agency fully dedicated to small business. It provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses. It is a key resources for businesses who are in need of economic support in times of crisis.

On March 18, 2020, Illinois was declared a disaster area for COVID-19. You may be eligible to apply for an SBA Economic Injury Disaster Loan (EIDL). These loans range from $500 to $2 million at a fixed 3.75% interest rate over a maximum payback of 30 years. Each application’s terms are decided on a case-by-case basis. So, you are likely eligible to apply if you have suffered substantial economic injury and are one of the following types of businesses:

This new $20 million program supports small businesses in suburban and rural counties across Illinois, providing grants of up to $25,000 to small businesses in communities served by DCEO’s Office of Community Development.

These grants will offer businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. The program redeploys Community Development Block Grant funds to support local small businesses.

Applications will be available on DCEO’s website by Friday, March 27. The grants will be offered on a rolling basis.

To help small hospitality businesses make ends meet in the midst of the COVID-19 pandemic, the Illinois Department of Commerce and Economic Opportunity (DCEO) is launching the Hospitality Emergency Grant Program with $14 million drawn from funds originally budgeted for job training, tourism promotion, and other purposes.

Grant funds are available to support working capital like payroll and rent, as well as job training, retraining, and technology to support shifts in operations, like increased pick-up and delivery.

Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000. Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.

These grants will provide aid to the smallest operations in the hospitality segment, and every dollar helps during this time of crisis. The IRA appreciates this effort from DCEO, and will continue to advocate at the federal level for broad-based economic relief for the state’s 25,000+ eating and drinking establishments and their employees.

Applications for awards will be accepted until 5:00pm on April 1, and winners will be chosen via a lottery. Therefore, there is no benefit to submitting an application first as long as a valid, complete application is received by the deadline.

DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.

Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply.

Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term.

Applications will be available on DCEO’s website by Friday, March 27. The grants will be offered on a rolling basis.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.

This fund was created by Chicago-area artists in response to the COVID-19 pandemic. We aim to support our colleagues (Painters, filmmakers, sculptors, dancers, musicians, theater makers, writers, and others) in the greater Chicago arts community who are experiencing financial repercussions due to pandemic-related cancellations.

The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

Informational Resources

The U.S. Chamber has compiled Center for Disease Control (CDC)’s coronavirus recommendations for businesses and workers across the country. We continue to encourage American businesses to follow data-based guidance from the CDC and state and local officials. Provided is a toolkit that businesses can use for their social media.

About Northalsted

Northalsted Business Alliance is the chamber of commerce working to enhance the economic vitality and quality of life in Boystown through programming, services, and events that celebrate our LGBTQ+ legacy, promote tourism and foster a welcoming, safe community for all.

THIS WEEK IN BOYSTOWN

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